EIA reported that biodiesel and renewable diesel producers used 1.14 billion pounds of soybean oil in May, the first time that monthly biofuel consumption of soybean oil has surpassed 1 billion pounds. Renewable diesel accounted for 478 million pounds, or 42 percent, of soybean oil’s biofuel use in May.
Use of yellow grease and corn oil also set new records in May, while utilization of canola oil saw its second highest month ever. Use of known feedstocks was close to 2.79 billion pounds, and total use may have been near 3.1 billion pounds.
EIA’s most recent production data shows that biodiesel manufacturing totaled 132.9 million gallons in April, higher than April 2022 but lower than volumes seen for the month in 2018 through 2021. Renewable diesel production, of course, is climbing as the market expands dramatically: Annual capacity has grown from 1.9 billion pounds in April 2022 to 3.3 billion as of April 2023, when manufacturers produced 201.1 million gallons—up 69 percent year over year.
Consumption of biodiesel was around 139.8 million gallons in April, while renewable diesel use was almost 214 million gallons, down slightly from March’s 217 million gallons, the monthly record to date.
The full version of this commentary appeared on our IQ platform Aug. 1, 2023. Further information, statistics, and pricing for the energy market are available to IQ subscribers.Learn more about becoming a subscriber.
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